Investor Presentation December 2019 Disclaimer Forward-Looking Statements This information contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995, including statements regarding our future financial and operating guidance, operational and financial results such as estimates of nominal contracted payments remaining and portfolio run rate, and the assumptions related to the calculation of the foregoing metrics. The risks and uncertainties that could cause our results to differ materially from those expressed or implied by such forward-looking statements include: the availability of additional financing on acceptable terms; changes in the commercial and retail prices of traditional utility generated electricity; changes in tariffs at which long term PPAs are entered into; changes in policies and regulations including net metering and interconnection limits or caps; the availability of rebates, tax credits and other incentives; the availability of solar panels and other raw materials; our limited operating history, particularly as a new public company; our ability to attract and retain our relationships with third parties, including our solar partners; our ability to meet the covenants in debt facilities; meteorological conditions and such other risks identified in the registration statements and reports that we have file with the U.S. Securities and Exchange Commission, or SEC, from time to time. In the presentation, portfolio represents the aggregate megawatts capacity of solar power plants pursuant to PPAs, signed or allotted or where we have been cleared as one of the winning bidders or won a reverse auction but has yet to receive a letter of allotment. All forward-looking statements in this presentation are based on information available to us as of the date hereof, and we assume no obligation to update these forward-looking statements. This presentation also contains non-GAAP financial measures. We have provided a reconciliation of such non-GAAP financial measures to the most directly comparable measures prepared in accordance with U.S. GAAP in the Appendix to this presentation. 1 Executive Summary 2 3 Azure Power Overview (AZRE: NYSE) A Leading Pan Indian Solar Power Developer Portfolio of 3,370 MWs(1): 1,789 MWs Operational(1), 1,581 MW Contracted Pipeline(2) 3,168 MWs 202MWs Utility-Scale Projects Azure Roof Power Founded in 2008, built India’s first private utility-scale solar project in 2009 • FullyFounded integrated in 2008, business built from India’s development first private to EPC, utility-scale financing & solarmanagement project in 2009 • OperationalFully integrated MW growth business of 87% from CAGR development from March to2012 EPC , Asset financing • 87%Operational of the total MW portfolio growth is investment of 90% gradeCAGR from March 2012 • 75% contracted pipeline with A to AAA domestic debt rated offtakes Gandhinagar | India’ First MW Scale Distributed Solar Rooftop Project Total capital raised US$2.5 billion since inception • FirstTotal Indian Capital energy raised assets ~US$ to list 2.8in NYSE, billion United States • Firston Solar Green Bond out of India listed on SGX Awan |Punjab |India’s First Private MW scale Solar Plant • Second Solar Green Bond just issued * Map not to scale • a (1) Portfolio as on September 30, 2019: Includes 200-300 MWs of projects for which the company is in negotiations to exit (2) Under construction and allocated projects (3) Exchange rate- INR7064 to US$1 (New York buying rate of September 30, 2019) 4 3,370(1) MW Committed Portfolio ~83% (2) in High Radiation Zone ~14%(2) in Mid Radiation Zone Focus on Strong Counterparty Credit Punjab (214 MW) 214 MW Rajasthan (1,745 MW) 475 MW Uttar Pradesh (100 MW) 100 MW 1,270 MW Bihar (10 MW) BBB- & above Gujarat (270 MW) ~87% of the portfolio is 10 MW 87% 270 MW Others Investment Grade Chhattisgarh (30 MW) 13% Andhra Pradesh 30 MW (200 MW) 200 MW Telangana (200 MW) 100 MW Maharashtra (157 MW) 7 MW 150 MW Karnataka (250MW) SECI Delhi (2 MW) 51% State 250 MW 2 MW Electricity (1) Rooftop projects (167 MW) Assam (90 MW) Boards 63% of the portfolio is (4) 37% 140 MW 90 MW with GoI (sovereign) Radiation Zones(3)(`kWh/m2/day) 63 MW 7backed entities High >5.5 Mid Between 5.5-4.5 Operational Solar Capacity Mid Low 4.5-3.5 Under Construction & Committed Solar Capacity Indian Railways NTPC & GoI Entities 9% 3% (1) Includes 200-300 MWs of projects for which the company is in negotiations to exit (2) For ground mounted project (3) National Renewable Energy Laboratory 5 Visible Historical and Future Growth Growing Portfolio with Strong Contracts in Place Substantial Revenue Growth to Portfolio Run-Rate(1)(2) 3,900 3,370 $358(4) 900 2,815 2,600 Committed 1,798 117 Under Construction 1,300 MWs $161 $144 $112 Operating - $44 $61 Operational Under Under Contracted Committed Million) (US $ Revenues Construction Development Portfolio Portfolio IPO FY'17 FY'18 FY'19 LTM Committed Revenue Captured Significant Economies of Scale 307% Increase in Adjusted EBITDA since IPO in 2016(1) 100% 25 $140 $122 90% US$ Thousand/MW/Year $120 80% 20 $110 70% $100 60% 15 $82 $80 50% 40% 10 $60 % of Revenue of % 30% $43 $40 $30 20% 5 EBITDA (US$ Million) (US$ EBITDA 10% $20 0% 0 FY'15 IPO FY'17 FY'18 FY'19 LTM $0 Interest Expense as % of Revenue (lhs) G&A as % of Revenue (lhs)(3) O&M per MW-year (rhs) IPO FY'17 FY'18 FY'19 LTM 1) Exchange rate- INR70.64 to US$1 (New York buying rate of November 13, 2019) 2) Portfolio run-rate (please refer Form 6k). 3) Excludes INR 412.4 mn of one time charges. 4) Includes 200 – 300 MWs of contracts the company is in negotiations to exit | Equals annualized payments from customers extrapolated based on the operating & contracted capacity as on September 30, 2019| IPO data is LTM 30 June, 2016| EBIITDA - For a reconciliation of Non-GAAP measures to comparable GAAP measures refer to appendix. 6 Management Commitment to Capital Discipline Capital discipline is the foundation to our success 1 Delivery of projects on time and on budget 2 Enhance returns on invested capital with efficiency gains and cost optimisation 3 Optimize capital structure to lower risk and cost of capital 4 Risk mitigated approach to new projects that must meet threshold returns 5 If returns on future growth do not meet thresholds, will explore giving back capital 7 1 Delivery of Current Pipeline On Time and On Budget Azure’s Integrated Approach Lowers Risk and Enhances Project Returns Returns Development Construction Operations ~1.8 GW (1) operational portfolio, one of the largest in the Strong track record of securing land Value engineering, design and procurement expertise complemented by strong supplier relationships India solar industry 12,000+ acres of total land developed Achieved an 86% BOS cost decline since inception In-house expertise maximizes project yield and performance 1.3 GW ISTS connectivity approvals ahead of schedule through proprietary system maintaining high DC PLF High pipeline of projects enhances buying power ~70% of operational portfolio are Non Solar Park (NSP) High availability for all the solar plants projects with track record of timely execution resulting in 300+ kms of transmission built across several states higher returns improves execution record Remote management of 550 solar power plant sites Day ahead forecasting for better control & no margin leakage Published one, filed eight patents, and many in development (1) Operational portfolio as on September 30, 2019 8 1 Delivery of Current Pipeline On Time and On Budget Superior Technology – Continue To Lower Costs While Retaining High Quality Assets Strong supplier relationships > $1.0 Bn in supplier purchases Achieved an 86% cost decline since inception due to value engineering, design and procurement efforts $US/Watt kW 4.00 12,500 11,000 3.00 9,500 Value Engineering: 8,000 2.00 6,500 5,000 Module Cost Reduction 1.00 3,500 2,000 - 500 FY 10-11 FY 11-12 FY 12-13 FY 13-14 FY 14-15 FY 15-16 FY 16-17 FY 17-18 FY 18-19 Module Cost BOS Cost Module Cost Reduction Value Engineering DC Block Size Note: Exchange rate- INR68.92 to US$1 (New York buying rate of June 28, 2019) 9 1 Delivery of Current Pipeline On Time and On Budget 189 MW(1) Commissioned in Q2 FY20 Rajasthan 5 Maharashtra 3 Azure Roof Power Projects 50 MWs 130 MWs 9 MWs PPA Duration: 25 Years PPA Duration: 25 Years PPA Duration: 25 Years Tariff: 2.48 INR/kWh (~US 3.6¢/kWh)(2) Tariff:2.72 INR/kWh (~US 3.9¢/kWh) (2) Tariff: 4.50 - 6.19 INR/kWh (~US 6.5-9.0¢/kWh) (2) Off-taker:Maharashtra State Electricity Distribution Off-takers:Various (3) Off-taker: Solar Energy Corporation of India / AA+ Limited / B+(3) Credit rating range (3) ( B to AAA) 1) AC Capacity, 2) Exchange rate- INR 70.64 to US$1 (New York closing rate of March 29, 2019), 3) Domestic rating from CRISIL/ ICRA 10 1 Delivery of Current Pipeline On Time and On Budget 117 MWs Projects Under-Construction Fencing work Rooftop project under construction Assam 1|90 MW Azure Roof Power Projects |27 MW Tariff: 3.34 INR/kWh (US 4.7¢ / kWh) Tariff: 4.50 - 6.19 INR/kWh (US 6.5 – 9.0¢ / kWh) Expected COD : Q1 FY21 Expected COD : Q3 -Q4 FY20 Off-taker: Assam Power Distribution Company Limited Off-takers: Various Credit Rating: Credit rating range (1) ( B to AAA) Status: Status: Various stages under construction across 500+ sites • Over 400 acres of land acquired against total requirement of ~530 acres.